TSR, Inc. Reports Financial Results for the First Quarter Ended August 31, 2017
October 11 2017 - 5:00PM
Business Wire
TSR, Inc. (Nasdaq:TSRI), a provider of computer programming
consulting services, today announced financial results for the
first quarter ended August 31, 2017.
For the quarter ended August 31, 2017, revenue increased 11.8%
from the same quarter last year to $17.0 million. Net income
attributable to TSR for the current quarter was $141,000 as
compared to $148,000 in the prior year quarter. Additionally, net
income per share for the current quarter was $0.07 compared to
$0.08 per share in the prior year quarter.
Christopher Hughes, CEO, stated, “Our revenue increased 11.8%
for the first quarter reflecting revenue added from providing
administrative staff in addition to IT contractors to our clients.
However, reduced gross profit as a percentage of revenue and
increased selling, general and administrative expenses resulted in
a reduction in net income. Although we are experiencing an increase
in revenue, profitability will continue to be affected until such
time as we place a greater number of IT contractors with clients to
generate increased revenue and profit.”
Certain statements contained herein, including statements as to
the Company’s plans, future prospects and future cash flow
requirements are forward-looking statements, as defined in the
Private Securities Litigation Reform Act of 1995. Actual results
may differ materially from those set forth in the forward-looking
statements due to known and unknown risks and uncertainties,
including but not limited to, the following: the success of the
Company’s plan for internal growth, the impact of adverse economic
conditions on the Company’s business; risks relating to the
competitive nature of the markets for contract computer programming
services; the extent to which market conditions for the Company’s
contract computer programming services will continue to adversely
affect the Company’s business; the concentration of the Company’s
business with certain customers; uncertainty as to the Company’s
ability to maintain its relations with existing customers and
expand its business; the impact of changes in the industry and the
Company’s ability to adapt to changing market conditions and other
risks and uncertainties described in the Company’s filings under
the Securities Exchange Act of 1934. The Company is under no
obligation to publicly update or revise forward-looking
statements.
Three Months Ended August 31,
August 31,
2017
2016
Revenue, net $ 17,037,000 $ 15,242,000 Cost of Sales
14,193,000 12,641,000
Selling, general and
administrative expenses
2,568,000
2,315,000 Total operating expenses
16,761,000 14,956,000
Income from operations 276,000 286,000 Other income, net
2,000 6,000 Pre-tax
income 278,000 292,000 Income tax provision
118,000 136,000
Consolidated net income 160,000 156,000 Less: Net income
attributable to
noncontrolling interest
19,000
8,000
Net income attributable to
TSR, Inc.
$
141,000
$
148,000
Net income per TSR, Inc.
common share
$
0.07
$
0.08
Weighted average common shares outstanding
1,962,000
1,962,000
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version on businesswire.com: http://www.businesswire.com/news/home/20171011005864/en/
TSR, Inc.John Sharkey, 631-231-0333
TSR (NASDAQ:TSRI)
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